Who REALLY owns their Z???

OldGuy · 08-15-2011, 10:10 PM

Cash for mine. You get the best deal that way and you avoid making the banks rich at your expense. No treat like this car for me until I could pay cash for it.

dsimon40 · 08-15-2011, 11:31 PM

Financed 35k @ 1.9%.

No other debt at this time so the plan is to double payments for 30 months and get it paid off ASAP.

Thought it would be best to finance and use cash for other "fun" purposes since the worlds going to end anyway in 2012.

ImportConvert · 08-16-2011, 04:54 AM

Quote:

Originally Posted by JohnsZ

I had an interesting conversation recently with one of our fellow members regarding how much we each were paying per month for our Z. That led me to wonder how many of us were financing or have paid for it outright. For fun, let's take a little survey and see who REALLY owns their Z. So reply if you want! It might be an interesting result.

Not me. I will be honest, if I could have paid for my Z in cash, I would have bought a GT2 or something and financed the difference. While interest rates are low and the economy is shaky, I think now is the time to take on debt as inflation will only help me.

ImportConvert · 08-16-2011, 04:57 AM

Quote:

Originally Posted by OldGuy

Cash for mine. You get the best deal that way and you avoid making the banks rich at your expense. No treat like this car for me until I could pay cash for it.

Most good checking accounts will earn you 4.25% these days, and if you put that $35K into a 4.25% checking account and financed at 1.9% you would be making 2.35%. So basically, you lost out on the bank PAYING you 2.35% of that purchase price. If, at any time, you want to pay it off, just pull the money out of that account and put it into the other.

Basically, you lost $800.

Cash is cash, and the dealer doesn't care if your name, or Chase's name is on that check. Same deal is same deal.

Lots of misconceptions out there about credit-cards, financing, etc. People are losing big bucks by not hammering their credit-cards and the like. It's only bad if you're ignorant and irresponsible. Otherwise, I make a few hundred bucks cash a year just off my little gas/food credit-card. Kinda nice to have the bank pay me to use their card.

Red__Zed · 08-16-2011, 08:56 AM

wat?

Show me a checking account making 4.25%

theDreamer · 08-16-2011, 09:49 AM

Quote:

Originally Posted by Red__Zed

wat?

Show me a checking account making 4.25%

Yeah, the best you can do is a money market account at under 2% which most are at 1% today I believe.

rebe945 · 08-16-2011, 09:53 AM

One payment.

Sibze · 08-16-2011, 10:23 AM

Show me 4.25% in a chqing acct. I'd be all over that and I don't even live in the US

Nick911sc · 08-16-2011, 10:24 AM

4.25%? Sounds like one of those Nigerian Scams on craigslist

Sibze · 08-16-2011, 10:25 AM

Quote:

Originally Posted by Nick911sc

4.25%? Sounds like one of those Nigerian Scams on craigslist

I got one of those yesterday. A really nice lady was offering me $120,000,000 because God led her to me.

So nice

Red__Zed · 08-16-2011, 10:26 AM

The best part is the way he picks specific numbers to add credibility. It's not 4%, it's 4.25483827377938262$2%.

A quick survey of local banks shows current rates between .85 and 1 percent for amounts between 10k and 50k.

b1adesofcha0s · 08-16-2011, 10:28 AM

Quote:

Originally Posted by Red__Zed

wat?

Show me a checking account making 4.25%

I need to get me one of those!

Bought mine for $28k and paid $17k down. I'm 21 and still go to school while I work part time. Make enough money to pay for my car and all my other bills. Should have the Z paid off soon after I graduate and start working as a full time chemical engineer.

lazywolfe · 08-16-2011, 03:28 PM

I wouldn't have paid cash for mine even if I had it all at the time.

nabenson · 08-16-2011, 03:39 PM

Mine is paid for. Bought October last year, paid off last month.

I didn't pay cash, but put a large amount down (like 40%) and financed the rest. I then paid large bulk sums every other month. In the end I get to keep the cash in the bank just in case, but pay the car off so fast that I pay very, very little in interest.

Once I paid off my first financed car I've been doing this and it works out pretty well. Benefits of both sides, no real penalties.

ImportConvert · 08-16-2011, 04:14 PM

Quote:

Originally Posted by Red__Zed

wat?

Show me a checking account making 4.25%

All over the place where I live. Here's a link to just one:

4.25% FREE Checking Account Called Lagniappe Checking at Campus Federal Bank- Current Rates, News and Information about Checking Accounts | Go Banking Rates

Open up 2 accounts for a total of $50K at 4.25%. Easy as pie. Seems like half a dozen institutions around me offer it based on the signs I see going down the road passing in front of them.

Quote:

Originally Posted by Red__Zed

The best part is the way he picks specific numbers to add credibility. It's not 4%, it's 4.25483827377938262$2%.

A quick survey of local banks shows current rates between .85 and 1 percent for amounts between 10k and 50k.

No, the best part is how I'm right. 4.25% up to a balance of $25K. Bank's numbers, not mine. You mad? The south sucks in many ways, but in this way, it's beating the crap out of wherever you live, lol.

08-15-2011, 11:31 PM	#122 (permalink)
dsimon40 Base Member Join Date: Jul 2011 Location: Houston, TX Posts: 16 Drives: '10 370ZR 6MT Rep Power: 14	Financed 35k @ 1.9%. No other debt at this time so the plan is to double payments for 30 months and get it paid off ASAP. Thought it would be best to finance and use cash for other "fun" purposes since the worlds going to end anyway in 2012. Last edited by dsimon40; 08-15-2011 at 11:42 PM.

08-16-2011, 09:53 AM	#127 (permalink)
rebe945 Enthusiast Member Join Date: Mar 2010 Location: middleburg hts, ohio Posts: 491 Drives: 2009 370Z black 7at Rep Power: 15	paid for One payment.

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08-15-2011, 10:10 PM	#121 (permalink)
OldGuy Base Member Join Date: Dec 2009 Location: Greensburg PA Posts: 899 Drives: '09370Z Red Base A7 Rep Power: 17	Cash for mine. You get the best deal that way and you avoid making the banks rich at your expense. No treat like this car for me until I could pay cash for it.

08-16-2011, 08:56 AM	#125 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 120	wat? Show me a checking account making 4.25%

08-16-2011, 10:23 AM	#128 (permalink)
Sibze A True Z Fanatic Join Date: May 2009 Location: Ontario, Canada Posts: 16,202 Drives: In your way Rep Power: 63	Show me 4.25% in a chqing acct. I'd be all over that and I don't even live in the US

08-16-2011, 10:24 AM	#129 (permalink)
Nick911sc A True Z Fanatic Join Date: Feb 2009 Location: Long Island, New York Posts: 1,698 Drives: 2010 Nissan GT-R Rep Power: 20	4.25%? Sounds like one of those Nigerian Scams on craigslist

08-16-2011, 10:26 AM	#131 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 120	The best part is the way he picks specific numbers to add credibility. It's not 4%, it's 4.25483827377938262$2%. A quick survey of local banks shows current rates between .85 and 1 percent for amounts between 10k and 50k.

08-16-2011, 03:28 PM	#133 (permalink)
lazywolfe Base Member Join Date: Mar 2011 Location: MD Posts: 66 Drives: 2011 370z SR M6 Rep Power: 14	I wouldn't have paid cash for mine even if I had it all at the time.

08-16-2011, 03:39 PM	#134 (permalink)
nabenson Base Member Join Date: Oct 2010 Location: Dallas, TX Posts: 103 Drives: 10 370z Nismo PW M6 Rep Power: 15	Mine is paid for. Bought October last year, paid off last month. I didn't pay cash, but put a large amount down (like 40%) and financed the rest. I then paid large bulk sums every other month. In the end I get to keep the cash in the bank just in case, but pay the car off so fast that I pay very, very little in interest. Once I paid off my first financed car I've been doing this and it works out pretty well. Benefits of both sides, no real penalties.